Common use of Unscheduled principal Clause in Contracts

Unscheduled principal. For each distribution day, the following percentage of unscheduled principal payments on the target-rate strip received during the preceding month will be allocated to the senior target-rate classes: · 100% if the target-rate class percentage for all the senior target-rate classes on the distribution day exceeds the initial target-rate class percentage for all the senior target-rate classes. · otherwise, and subject to the following proviso, the sum of (1) the target-rate class percentage for the senior target-rate classes, plus (2) the following percentage of the target-rate class percentage for the subordinated classes: distribution days percentage 1 through 60 100% 61 through 72 70% 73 through 84 60% 85 through 96 40% 97 through 108 20% 109 and after 0% provided, that · if the distribution day is one on which the percentage shown in the preceding table is to be reduced - that is, the 61st, 73rd, 85th 97th or 109th distribution day - and either the cumulative loss test or the delinquency test described below are not satisfied, then the percentage will not be reduced on that distribution day or on any subsequent distribution day until both the cumulative loss and delinquency tests are passed, and · if the cumulative loss test is not satisfied for a distribution day, the percentage of unscheduled principal payments allocated to the senior target-rate classes will be the greater of the percentage of unscheduled principal payments allocated to the senior target-rate classes for that distribution day calculated in accordance with the preceding rules of this section, or the percentage of unscheduled principal payments allocated to the senior target-rate classes for the preceding distribution day. The cumulative loss test is satisfied for a distribution day if cumulative realized losses through that distribution day do not exceed the following percentages of the initial principal balance of the subordinated classes: distribution days percentage of initial principal balance of subordinated classes 61 through 72 30% 73 through 84 35% 85 through 96 40% 97 through 108 45% 109 and after 50% The delinquency test is satisfied for a distribution day if CitiMortgage certifies to the Trustee that the average of the aggregate scheduled principal balance of mortgage loans delinquent 60 days or more (including, for this purpose, mortgage loans in foreclosure and real estate owned by the Trust as a result of mortgagor default) for that distribution day and the preceding five distribution days is either (1) less than 50% of the average of the principal balance of the subordinated classes for those distribution days, or (2) less than 2% of the average scheduled principal balance of all of the mortgage loans for those distribution days. If there are composite and component subordinated classes, only the composite subordinated classes are considered in the cumulative loss and delinquency tests.

Unscheduled principal. For each distribution day, the following percentage of unscheduled principal payments on the target-rate strip received during the preceding month will be allocated to the senior target-rate classes: · 100% if the target-rate class percentage for all the senior target-rate classes on the distribution day exceeds the initial target-rate class percentage for all the senior target-rate classes. · otherwise, and subject to the following proviso, the sum of (1) the target-rate class percentage for the senior target-rate classes, plus (2) the following percentage of the target-rate class percentage for the subordinated classes: distribution days percentage 1 through 60 100% 61 through 72 70% 73 through 84 60% 85 through 96 40% 97 through 108 20% 109 and after 0% provided, that · if the distribution day is one on which the percentage shown in the preceding table is to be reduced - – that is, the 61st, 73rd, 85th 97th or 109th distribution day - – and either the cumulative loss test or the delinquency test described below are not satisfied, then the percentage will not be reduced on that distribution day or on any subsequent distribution day until both the cumulative loss and delinquency tests are passed, and · if the cumulative loss test is not satisfied for a distribution day, the percentage of unscheduled principal payments allocated to the senior target-rate classes will be the greater of the percentage of unscheduled principal payments allocated to the senior target-rate classes for that distribution day calculated in accordance with the preceding rules of this section, or the percentage of unscheduled principal payments allocated to the senior target-rate classes for the preceding distribution day. The cumulative loss test is satisfied for a distribution day if cumulative realized losses through that distribution day do not exceed the following percentages of the initial principal balance of the subordinated classes: distribution days percentage of initial principal balance of subordinated classes 61 through 72 30% 73 through 84 35% 85 through 96 40% 97 through 108 45% 109 and after 50% The delinquency test is satisfied for a distribution day if CitiMortgage certifies to the Trustee that the average of the aggregate scheduled principal balance of mortgage loans delinquent 60 days or more (including, for this purpose, mortgage loans in foreclosure and real estate owned by the Trust as a result of mortgagor default) for that distribution day and the preceding five distribution days is either (1) less than 50% of the average of the principal balance of the subordinated classes for those distribution days, or (2) less than 2% of the average scheduled principal balance of all of the mortgage loans for those distribution days. If there are composite and component subordinated classes, only the composite subordinated classes are considered in the cumulative loss and delinquency tests.

Unscheduled principal. For each distribution day, the following percentage of unscheduled principal payments on the target-rate strip received during the preceding month will be allocated to the senior target-rate classes: · 100% if the target-rate class percentage for all the senior target-rate classes on the distribution day exceeds the initial target-rate class percentage for all the senior target-rate classes. · otherwise, and subject to the following proviso, the sum of (1) the target-rate class percentage for the senior target-rate classes, plus (2) the following percentage of the target-rate class percentage for the subordinated classes: distribution days percentage 1 through 60 100% 61 through 72 70% 73 through 84 60% 85 through 96 40% 97 through 108 20% 109 and after 0% provided, that · if the distribution day is one on which the percentage shown in the preceding table is to be reduced - – that is, the 61st, 73rd, 85th 97th or 109th distribution day - – and either the cumulative loss test or the delinquency test described below are not satisfied, then the percentage will not be reduced on that distribution day or on any subsequent distribution day until both the cumulative loss and delinquency tests are passed, and · if the cumulative loss test is not satisfied for a distribution day, the percentage of unscheduled principal payments allocated to the senior target-rate classes will be the greater of the percentage of unscheduled principal payments allocated to the senior target-rate classes for that distribution day calculated in accordance with the preceding rules of this section, or the percentage of unscheduled principal payments allocated to the senior target-rate classes for the preceding distribution day. The cumulative loss test is satisfied for a distribution day if cumulative realized losses through that distribution day do not exceed the following percentages of the initial principal balance of the subordinated classes: distribution days percentage of initial principal balance of subordinated classes 61 through 72 30% 73 through 84 35% 85 through 96 40% 97 through 108 45% 109 and after 50% The delinquency test is satisfied for a distribution day if CitiMortgage certifies to the Trustee that the average of the aggregate scheduled principal balance of mortgage loans delinquent 60 days or more (including, for this purpose, mortgage loans in foreclosure and real estate owned by the Trust as a result of mortgagor defaultREO property) for that distribution day and the preceding five distribution days is either (1) less than 50% of the average of the principal balance of the subordinated classes for those distribution days, or (2) less than 2% of the average scheduled principal balance of all of the mortgage loans for those distribution days. If there are composite and component subordinated classes, only the composite subordinated classes are considered in the cumulative loss and delinquency tests. For purposes of the cumulative loss and delinquency tests, · any principal or interest amounts forgiven pursuant to section 3.19, “Loan modifications,” will be considered a realized loss, and · a mortgage loan that is delinquent 60 days of more, and while so delinquent is modified pursuant to section 3.19, “Loan modifications,” will be considered to remain delinquent 60 days or more until the first anniversary of the effective date of the modification, even if the loan is not delinquent 60 days or more under its modified terms.

Unscheduled principal. For each distribution day, the following percentage of unscheduled principal payments on the target-rate strip received during the preceding month will be allocated to the senior target-rate classes: · 100% if the target-rate class percentage for all the senior target-rate classes on the distribution day exceeds the initial target-rate class percentage for all the senior target-rate classes. · otherwise, and subject to the following proviso, the sum of (1) the target-rate class percentage for the senior target-rate classes, plus (2) the following percentage of the target-rate class percentage for the subordinated classes: distribution days percentage 1 through 60 1through60 100% 61 through 72 61through72 70% 73 through 84 73through84 60% 85 through 96 85through96 40% 97 through 108 97through108 20% 109 and after 0% provided, that · if the distribution day is one on which the percentage shown in the preceding table is to be reduced - that is, the 61st, 73rd, 85th 97th or 109th distribution day - and either the cumulative loss test or the delinquency test described below are not satisfied, then the percentage will not be reduced on that distribution day or on any subsequent distribution day until both the cumulative loss and delinquency tests are passed, and · if the cumulative loss test is not satisfied for a distribution day, the percentage of unscheduled principal payments allocated to the senior target-rate classes will be the greater of the percentage of unscheduled principal payments allocated to the senior target-rate classes for that distribution day calculated in accordance with the preceding rules of this section, or the percentage of unscheduled principal payments allocated to the senior target-rate classes for the preceding distribution day. The cumulative loss test is satisfied for a distribution day if cumulative realized losses through that distribution day do not exceed the following percentages of the initial principal balance of the subordinated classes: distribution days percentage of initial principal balance of subordinated classes 61 through 72 through72 30% 73 through 84 through84 35% 85 through 96 through96 40% 97 through 108 through108 45% 109 and after 50% The delinquency test is satisfied for a distribution day if CitiMortgage certifies to the Trustee that the average of the aggregate scheduled principal balance of mortgage loans delinquent 60 days or more (including, for this purpose, mortgage loans in foreclosure and real estate owned by the Trust as a result of mortgagor default) for that distribution day and the preceding five distribution days is either (1) less than 50% of the average of the principal balance of the subordinated classes for those distribution days, or (2) less than 2% of the average scheduled principal balance of all of the mortgage loans for those distribution days. If there are composite and component subordinated classes, only the composite subordinated classes are considered in the cumulative loss and delinquency tests.

Unscheduled principal. For each distribution day, the following percentage of unscheduled principal payments on the target-rate strip received during the preceding month will be allocated to the senior target-rate classes: · 100% if the target-rate class percentage for all the senior target-rate classes on the distribution day exceeds the initial target-rate class percentage for all the senior target-rate classes. · otherwise, and subject to the following proviso, the sum of (1) the target-rate class percentage for the senior target-rate classes, plus (2) the following percentage of the target-rate class percentage for the subordinated classes: distribution days percentage 1 through 60 100% 61 through 72 70% 73 through 84 60% 85 through 96 40% 97 through 108 20% 109 and after 0% provided, that · if the distribution day is one on which the percentage shown in the preceding table is to be reduced - – that is, the 61st, 73rd, 85th 97th or 109th distribution day - – and either the cumulative loss test or the delinquency test described below are not satisfied, then the percentage will not be reduced on that distribution day or on any subsequent distribution day until both the cumulative loss and delinquency tests are passed, and · if the cumulative loss test is not satisfied for a distribution day, the percentage of unscheduled principal payments allocated to the senior target-rate classes will be the greater of the percentage of unscheduled principal payments allocated to the senior target-rate classes for that distribution day calculated in accordance with the preceding rules of this section, or the percentage of unscheduled principal payments allocated to the senior target-rate classes for the preceding distribution day. The cumulative loss test is satisfied for a distribution day if cumulative realized losses through that distribution day do not exceed the following percentages of the initial principal balance of the subordinated classes: distribution days percentage of initial principal balance of subordinated classes 61 through 72 30% 73 through 84 35% 85 through 96 40% 97 through 108 45% 109 and after 50% The delinquency test is satisfied for a distribution day if CitiMortgage certifies to the Trustee that the average of the aggregate scheduled principal balance of mortgage loans delinquent 60 days or more (including, for this purpose, mortgage loans in foreclosure and real estate owned by the Trust as a result of mortgagor defaultREO property) for that distribution day and the preceding five distribution days is either (1) less than 50% of the average of the principal balance of the subordinated classes for those distribution days, or (2) less than 2% of the average scheduled principal balance of all of the mortgage loans for those distribution days. If there are composite and component subordinated classes, only the composite subordinated classes are considered in the cumulative loss and delinquency tests. For purposes of the cumulative loss and delinquency tests, · any principal or interest amounts forgiven pursuant to section 3.19, “Loan modifications,” will be considered a realized loss, and · a mortgage loan that is delinquent 60 days or more, and while so delinquent is modified pursuant to subsection (b) of section 3.19, “Loan modifications,” will be considered to remain delinquent 60 days or more until the first anniversary of the effective date of the modification, even if the loan is not delinquent 60 days or more under its modified terms.